After reading through Chapters 14-17, post a comment on your learning- not an opinion of the book- expand on your thoughts, pose a questions or two, maybe expand upon a couple quotes from your reading.
Due Friday October 28.
"Generally speaking, there's a good rule that says your first loss is always the cheapest. In other words, take your losses quickly, move on, and don't look back." Pg. 138 I like this quote because it relates well to the prior chapter when he talked about selling his resteraunt chain Bonanza. He sold it because he had already been through 3 recessions with the company and there where consequences for each one and didn't want to go through a 4th. Which shows he is going to keep getting bigger and bigger losses for each recession so he should get out of the business now which I think is good advice.
In chapter 15 I like how Sam Wyly said that he made mistakes early and then learned from those mistakes to make sure that he would not make the same errors twice.
"Wayne Gretzky, the greatest hockey player ever, used to say that his success on the ice came from a simple philosophy: Don't skate to where the puck is-skate to where the puck is going to be." pg. 142. Entrepreneurs have to spot a demand before it happens. They need to meet peoples needs before they realize they have them.
He talks about Wayne Gretzky, and how he is the greatest hockey player ever, and his philosophy of preparing for what is to happen next and anticipating what is happening next. That is the same for entrepreneurs, anticipate what is going to happen and prepare for the future.
Sam always admitted to his mistakes.What made him special was he always learned from those mistakes to make sure that he would not make the same errors twice. An example of this was when he sold his restraunt. His company had already been through 3 recessions he didn't want to go through a 4th. He knew he had to sell the business to mantain financial success.
In these chapters, Sam discusses how he dealt with his losses. He advises the reader to "take your losses quickly..." and then "move on." Sam explains that this advice is key to a successful career in entrepreneurship.
I like the part in this section when he talks about selling Bonanza, a restaurant chain, because he had been through so many financial problems with it. It is a great representation of how you can put a lot of risk into your business and still come out empty. I thought he was smart for selling his business so he could move on to something else with a better future.
Sam Wyly was able to overcome his mistakes that he made. He admitted his mistakes and ended up selling his restaurant to cope with the recessions. He had gone through three of them with his company. However, with all of these, he was able to work through and still be focused on having a buisness. Sam was able to move on after he went through his losses.
"Wayne Gretzky, the greatest hockey player ever, used to say that his success on the ice came from a simple philosophy: Don't skate to where the puck is-skate to where the puck is going to be." pg. 142. This connection and quote interested me also, one because i am interested in sports and the connections like that make more sence to me and interest me more. But secondly, and more on topic, it shows that with Entrepreneurs they cant only think about the now but also think about the future and how the result will be.
"Don't skate to where the puck is, skate to where it is going to be" Wayne Gretzky. I think this is a very good quote because it relates to business and it exactly like business. Like apple they are making something new and improved than the last thing they made. They always have to kepp up with the demand.
“I used to drive a firto-lay truck and sell to these guys. I understand the business. I was a vendor. Besides I think they’re wrong about people not eating beef.” Then he asked me, “Why do you want to sell?” I answered, “I have been through three recessions with painful consequences. I’d rather not do the fourth one.” I like how he says he used to be one of those people that drove the trucks, selling chips and stuff. Then he changed because he didn’t want to have to go through the recession again. Page 137
These chapters seemed to really have been based on his losses and how he dealt with them. How he knew when it was time to let go of a business that wasn't going anywhere as well as how he moved on from these losses. He seemed to really have a hold on how to let go of something and move on from it.
Much like previous chapters, Wyly stresses the importance of having a short-term memory when it comes to mistakes. Mistakes will be made and things won't go the way as planned but it's how you learn from those mistake and move forward. Wyly connects entrepreneurship with the supply and demand concept explaining how you must have the supply before customers even know they have a demand.
In the beginning of Chapter 16 Wyly mentions a quote that Wayne Gretzky said "Don't skate to where the puck is--skate to where the puck is going to be". I think that this quote is really good thing for entrepreneurs to look at because they need to see where the people are going to go and what they want to buy instead of just guessing. because if they guess they are not going to get any customers.
"Don't skate to where the puck is, skate to where it is going to be" I really liked this quote because its very important to predict what the next trend will be so you can be at the head of the pack. If all you do is react to customers your doing the wrong thing, customers should react to you. I think this embodies everything about great entrepreneurship.
In chapter 16 wyly started selling software for people to put it on their computers. Wyly bought some of the other companies and give his new Business a name called sterling software
"Generally speaking, there's a good rule that says your first loss is always the cheapest. In other words, take your losses quickly, move on, and don't look back." Pg. 138 I like this quote because it relates well to the prior chapter when he talked about selling his resteraunt chain Bonanza. He sold it because he had already been through 3 recessions with the company and there where consequences for each one and didn't want to go through a 4th. Which shows he is going to keep getting bigger and bigger losses for each recession so he should get out of the business now which I think is good advice.
ReplyDeleteIn chapter 15 I like how Sam Wyly said that he made mistakes early and then learned from those mistakes to make sure that he would not make the same errors twice.
ReplyDelete"Wayne Gretzky, the greatest hockey player ever, used to say that his success on the ice came from a simple philosophy: Don't skate to where the puck is-skate to where the puck is going to be." pg. 142. Entrepreneurs have to spot a demand before it happens. They need to meet peoples needs before they realize they have them.
ReplyDelete"Don't skate to where the puck is, skate to where it is going to be" is a good quote because it relates to business.
ReplyDeleteHe talks about Wayne Gretzky, and how he is the greatest hockey player ever, and his philosophy of preparing for what is to happen next and anticipating what is happening next. That is the same for entrepreneurs, anticipate what is going to happen and prepare for the future.
ReplyDeleteSam always admitted to his mistakes.What made him special was he always learned from those mistakes to make sure that he would not make the same errors twice. An example of this was when he sold his restraunt. His company had already been through 3 recessions he didn't want to go through a 4th. He knew he had to sell the business to mantain financial success.
ReplyDeleteIn these chapters, Sam discusses how he dealt with his losses. He advises the reader to "take your losses quickly..." and then "move on." Sam explains that this advice is key to a successful career in entrepreneurship.
ReplyDeleteI like the part in this section when he talks about selling Bonanza, a restaurant chain, because he had been through so many financial problems with it. It is a great representation of how you can put a lot of risk into your business and still come out empty. I thought he was smart for selling his business so he could move on to something else with a better future.
ReplyDeleteSam Wyly was able to overcome his mistakes that he made. He admitted his mistakes and ended up selling his restaurant to cope with the recessions. He had gone through three of them with his company. However, with all of these, he was able to work through and still be focused on having a buisness. Sam was able to move on after he went through his losses.
ReplyDelete"Wayne Gretzky, the greatest hockey player ever, used to say that his success on the ice came from a simple philosophy: Don't skate to where the puck is-skate to where the puck is going to be." pg. 142. This connection and quote interested me also, one because i am interested in sports and the connections like that make more sence to me and interest me more. But secondly, and more on topic, it shows that with Entrepreneurs they cant only think about the now but also think about the future and how the result will be.
ReplyDelete"Don't skate to where the puck is, skate to where it is going to be" Wayne Gretzky. I think this is a very good quote because it relates to business and it exactly like business. Like apple they are making something new and improved than the last thing they made. They always have to kepp up with the demand.
ReplyDelete“I used to drive a firto-lay truck and sell to these guys. I understand the business. I was a vendor. Besides I think they’re wrong about people not eating beef.” Then he asked me, “Why do you want to sell?” I answered, “I have been through three recessions with painful consequences. I’d rather not do the fourth one.” I like how he says he used to be one of those people that drove the trucks, selling chips and stuff. Then he changed because he didn’t want to have to go through the recession again. Page 137
ReplyDeleteThese chapters seemed to really have been based on his losses and how he dealt with them. How he knew when it was time to let go of a business that wasn't going anywhere as well as how he moved on from these losses. He seemed to really have a hold on how to let go of something and move on from it.
ReplyDeleteMuch like previous chapters, Wyly stresses the importance of having a short-term memory when it comes to mistakes. Mistakes will be made and things won't go the way as planned but it's how you learn from those mistake and move forward. Wyly connects entrepreneurship with the supply and demand concept explaining how you must have the supply before customers even know they have a demand.
ReplyDeleteIn the beginning of Chapter 16 Wyly mentions a quote that Wayne Gretzky said "Don't skate to where the puck is--skate to where the puck is going to be". I think that this quote is really good thing for entrepreneurs to look at because they need to see where the people are going to go and what they want to buy instead of just guessing. because if they guess they are not going to get any customers.
ReplyDelete"Don't skate to where the puck is, skate to where it is going to be" I really liked this quote because its very important to predict what the next trend will be so you can be at the head of the pack. If all you do is react to customers your doing the wrong thing, customers should react to you. I think this embodies everything about great entrepreneurship.
ReplyDeleteIn chapter 16 wyly started selling software for people to put it on their computers. Wyly bought some of the other companies and give his new Business a name called sterling software
ReplyDelete